Vietnam capital saigon

Flight of owners of FDI firms repeated in VietnamThe Saigon Times Daily Workers seen at an FDI firm - PHOTO: KY ANH HCMC – Many owners of foreign direct investment (FDI) firms continue to flee the country, leaving behind large debts owed to domestic banks and firms and other obligations, Tuoi Tre Online newspaper reported. Although the State has taken action to prevent this continuing, as it had some years ago, the flight of foreign owners has recurred, causing losses to laborers. An example is Metacor Vietnam Co. Ltd., located in Vung Tau Province's Phu My 1 Industrial Zone, which suspended operations after its investor took flight. According to fiscal reports, the firm incurred a loss of VND82 billion in 2016, while showing a VND3.5 billion profit in 2017. It, however, had difficulties again in mid-2018. To date, Metacor has been burdened with social insurance, tax debts and other debts of a combined VND150 billion. The Ba Ria-Vung Tau Industrial Zones Management … [Read more...] about Flight of owners of FDI firms repeated in Vietnam

German band Isolation Berlin to perform in VietnamThe Saigon Times Daily Isolation Berlin will host a number of concerts across Vietnam early next month - PHOTO: COURTESY OF THE ORGANIZER HCMC - As part of their Southeast Asia tour, German band Isolation Berlin will perform at several venues in major cities of Vietnam from November 1 to November 10. In Vietnam, Isolation Berlin will play five concerts, which are slated for November 1 and 3 in Hanoi, November 6 in Danang, November 7 in Hue, and November 10 in HCMC. The concerts come along with interactive workshops and talks. German learners from the PASCH partner schools, universities and Goethe-Institutes will get the chance to meet and communicate with the musicians. Since their formation in 2012, Isolation Berlin accompanies a generation of young adults with unmistakable sound between pop, psychedelic, (post-) punk, new wave and chanson through their ups and downs of modern metropole life. Their single … [Read more...] about German band Isolation Berlin to perform in Vietnam

First 35-MW solar power plant inaugurated in Vietnam The Saigon Times Daily A solar power system is installed on the roof of a building in HCMC in this file photo. TTC Phong Dien solar power plant in Thua-Thien Hue Province was opened to service on October 5, becoming the first commercial solar power project in the country - PHOTO: VGP HCMC - Gia Lai Electricity JSC (GEC), a unit of Thanh Thanh Cong (TTC) Group, opened the TTC Phong Dien solar power plant on October 5 in Phong Dien District, Thue-Thien Hue Province. This 35-megawatt solar power facility is the first such project to start commercial operation in Vietnam, local media reported. The plant, which was funded by GEC at a cost of nearly VND1 trillion, is expected to generate some 60 million kWh of electricity per year, contributing to the planned development of power sources and grids, while ensuring the safe operation of the national power grid and efficient investments. The TTC Phong Dien solar power plant is about … [Read more...] about First 35-MW solar power plant inaugurated in Vietnam

Saigon Paper, which sells tissues under the Bless You brand, also produces toilet paper and cardboard components. (Source: Saigonpaper.com) Tokyo (VNA) - Japanese trading house Sojitz has purchased Vietnam's Saigon Paper for about 10 billion JPY (91.2 million USD), inking a deal to tap the fast-growing demand for cardboard and tissue paper in the Southeast Asian country, according to Nikkei Asian Review. Sojitz acquired more than 90 percent of Vietnam's largest maker of tissue paper from the company's founders. Saigon Paper, which sells tissues under the Bless You brand, also produces toilet paper and cardboard components. Yearly sales top 100 million USD on production capacity of 40,000 tonnes of residential-use paper as well as 230,000 tonnes of industrial paper. Cardboard demand in Vietnam surged more than tenfold over the past decade, benefiting from the rise of online shopping and the move of textile and electronics … [Read more...] about Japan’s Sojitz buys Vietnam’s Saigon Paper

After ten years in the making, the crowning jewel of Saigon's vista, Saigon One Tower will be put on a public auction to resolve at least VND6.11 trillion ($268.22 million) non-performing loans by Vietnam Asset Management Company (VAMC), putting an end to one of the most anticipated construction projects in Vietnam. Saigon's property pride are being bought off for debt collection To date, myriad market analysts forecasted that a notable number of investors would bid lower than $268.22 million in order to protest the unrealistic listing rate, considering ten years of inactivity due to inefficient investment and postponed development. Within four days, the estimated starting price of the project's total assets shrank from VND7 trillion ($307.3 million) to $268.22 million, which is still frowned upon by investors. Le Hoang Chau, chairman of the Ho Chi Minh City Real Estate Association (Horea), asserted that the listing price was considered "reasonable," yet there are high odds that … [Read more...] about Investors frown at discount price of Saigon One Tower